Solidcore Resources (POYYF) CMD 2024 summary

Strategic transformation and rebranding

• Company rebranded from Polymetal International to Solidcore Resources to resolve legacy KYC issues, distance from sanctioned Russian entities, and mark a new phase after divesting Russian assets.

• New ticker on AIX: CORE.

• Rebranding aims to restore access to global capital markets and establish a distinct corporate identity rooted in trust, safety, honesty, technical expertise, and persistence.

Operational and financial overview

• Operations are centered in Kazakhstan, with two mines (Kyzyl and Varvara), a major development project (Ertis POX), and over 3,000 employees.

• Produced 486 Koz in 2023, ranking as the second-largest gold producer in Kazakhstan.

• 2023 adjusted EBITDA was $439m; ore reserves stand at 11.6 Moz with a 3% year-on-year increase in average grade.

• Five-year capex plan exceeds $1bn, mainly for Ertis POX and green energy initiatives, with stable production projected through 2029 and a slight increase from 2027.

Growth strategy and geographic focus

• Strategic vision targets doubling reserves to 25 Moz and production to 1 Moz per year by 2029, aiming for regional leadership in refractory gold processing.

• Growth to be driven by M&A, greenfield exploration, and third-party feedstock processing at Ertis POX, with a focus on acquiring non-producing assets with significant resource potential.

• Geographic focus remains on Central Asia, with potential expansion into the Middle East (Oman, Saudi Arabia); commodity focus broadened to include base metals alongside gold and silver.